Zoho has announced its entry into the payments sector with Zoho Payments at the Global Fintech Fest.
Zoho Payments
This unified payment solution enables businesses to securely accept online payments. It also includes B2B payment capabilities powered by the Bharat Bill Payment System (BBPS) from NPCI Bharat BillPay Limited (NBBL).
According to the Ministry of Finance, digital payment transactions in India have surged, reaching Rs. 11,660 crores in 2023, up from Rs. 3,134 crores in 2018-19. This growth is primarily due to the widespread adoption of UPI and other digital payment methods.
Zoho Payments aims to capitalize on this trend by integrating seamlessly into existing business workflows.
Unified Payment Solution
Zoho Payments is PCI-DSS level 1 compliant and supports payments through UPI, over 35 net banking options, and various cards.
It offers a smooth checkout experience, which helps reduce cart abandonment and revenue loss. Key features include fraud management, detailed transaction insights, refund processing, and dispute handling.
The solution integrates with Zoho Books, Zoho Billing, and Zoho Invoice, allowing businesses to accept online payments directly without the need for third-party gateways.
B2B Payments Powered by BBPS
As a Bharat Bill Payment Operating Unit (BBPOU) registered with NBBL, Zoho Payments facilitates B2B transactions. It integrates with Zoho Books to manage invoices and payments through the BBPS network efficiently.
Invoices sent via Zoho Books are automatically recorded in the buyer’s ERP or accounting software, and sellers’ bills are automatically recorded in Zoho Books. The service also supports invoice financing through the TReDS platform.
Zoho Payments supports multiple payment methods, including NEFT, RTGS, IMPS, UPI, cards, and net banking. It provides automatic payment reconciliation and bulk payment options, streamlining payment processes for businesses.
Availability
Zoho Payments is available now. Businesses can schedule a free demo at zoho.com/in/payments.
Speaking about the launch, Sivaramakrishnan Iswaran, Global Head of Finance and Operations BU at Zoho, said,
At Zoho, we believe that business finance, banking, and payments should seamlessly integrate. With our ‘Connected Banking’ solution, which integrates with leading banks, we took a significant step towards this vision. Today, with the introduction of Zoho Payments and its B2B payment capabilities, we are realizing that goal.
NBBL’s BBPS standardizes invoice presentment and payments, offering multiple payment modes, instant confirmations, invoice financing, and a unified platform for transmission and reconciliation. This represents a significant advancement in the fintech space, allowing us to provide a more comprehensive financial management solution for businesses.